There's some pro's and con's, mostly the con's are that it doesn't allow the headers to expand properly. The pro's are it holds the heat near the motor when it's cold out which helps the motor from trying to cool down to fast. Basicly if you aren't living in the northern part Russia,I'd not use it........ Now if you wanted to just wrap the part near your right leg so it's not as hot in the summer, I'd say go for it...... Monk If you decide to use it soak it in water first, then wrap and use stainless steel hose clamps to hold the ends.
Exhaust wrap is safe for your bike. It does have benefits, such as increasing thermo scavenging and lowering the temp inside the engine compartment, if you have a full fairing on your machine. It won't hurt anything.
If you have a sixth gen with oxy sensors/cat they will both fire up faster, and the oxy sensor will generally have a faster cycle time, all other things being equal. Exhaust header insulation (usually a two layer pipe with insulation in the middle) has been done on some brands of cars to improve thermo efficiency and light off emissions systems quicker for at least the last decade and of course, would improve turbo response and and efficiency, and was a common mod on the cx500 turbo. It's very commonly used on 4wd vehicles to mildly improve low/medium speed smoothness when headers are used instead of cast iron exhaust manifolds. It can be used strictly to reduce heat from the exhaust from pouring out from under the bike as much in the summer.